Importance of Renters Insurance

Everyone has personal property, like furniture and electronics, that can be expensive to replace if damaged - having a renters insurance policy to put a claim in on could save you hundreds, if not thousands, of dollars. Here are a few reasons to have a policy:

1. Renters insurance policies can cover your personal property if damaged during a covered event, such as fire, burst pipes, flooding, etc. It's good practice to check the coverages in your policy regularly to ensure you have the coverage you need. 
2. Renters insurance policies provide liability coverage for property damages that result from the occupants, or their guests, actions in the home. For example, a grease fire in the kitchen damages cabinets and the stove - without renters insurance, you would have to pay for the damages yourself.
3. Some policies cover hotel stays if you have to be displaced from the home because of a covered event. You can't predict what will happen when weather strikes, and some events can result in the home being un-inhabitable until repairs are completed - if you don't have coverage in your renters insurance, you could be out hundreds of dollars a day paying for a hotel or AirBNB as landlords are not liable for this cost.

For peace of mind, and pocket!, a renters insurance policy is highly recommended - plus many management companies, like Ashoka Lion, require it as part of the lease. If you don't have a renters insurance policy in place currently, and are renting from Ashoka Lion, consider getting a coverage quote for Renters Insurance through AppFolio Renters Insurance by logging into your portal and selecting "Purchase Renters Insurance" from the home page.

Stay covered, stay safe!